How do I sign up for iwocaPay?

Right now, we're still building iwocaPay - we expect to launch in June 2020. You can sign up for early access here. 

If you'd like to learn more first, please reach out to us using pay@iwoca.co.uk or 020 3778 0549 and one of our Relationship Managers will get in touch about how we can support you and your business going forward. 

How do I get paid?

When the Buyer uses iwocaPay to settle an invoice then iwocaPay pay you by Faster Payment.

Who handles repayments from the Buyer?

We handle all repayments from the Buyer in relation to the invoice settled by iwocaPay. 

Are there any fees or hidden costs?

The only fee we charge to the Seller is a transaction fee of 3% of the invoice amount. There are no setup costs nor any on-going facility fees - you only pay a transaction fee when your customer opts to pay using iwocaPay. 

How do I create a PayLink?

Simply login to your Dashboard and click the ‘New ‘PayLink’ button and follow the steps. 

Will I be notified of the progress of my customers application?

Yes, we’ll notify you when one of your Customers is signed up for iwocaPay and we’ll let you know when we’ve settled a payment to your bank account. 

Where can I see my transaction history and updates?

Your Seller Dashboard will list a live status of all of your PayLinks. 

When should I introduce iwocaPay to my Customers?

iwocaPay is a sales financing and cashflow tool for your business that allows you to offer payment terms to your customers. Remember to tell your customers about iwocaPay as part of the sales process. Always send a PayLink to accompany any invoice in case your customers wish to take advantage of payment terms. 

Who should I share PayLinks with?

Currently we help with the financing of invoices where your customer is a UK Limited Company (LTD) or Limited Liability Partnership (LLP). At this time we are unable to help Sole Traders or Consumers. 

Where can I get marketing and promotional materials to share with my Customers? 

Ask your iwocaPay Relationship Manager for a range of materials to help promote iwocaPay so your Customers know they can benefit from great payment terms. 

Is there any compliance or regulatory issues I need to consider?

While providing finance to Ltd and LLP Companies is ‘non-regulated’, be sure to be accurate in the way you offer iwocaPay to your customers. And be aware of other sales, contract and trading regulations that your sales may fall under. Please speak to your iwocaPay Relationship Manager if you need any advice on these points. 

Can I get finance for an invoice not being settled by iwocaPay?

Yes, we recommend the Flexi-Loan as a way to obtain short-term finance because you can settle up anytime. This could be useful if your customer does not opt to use iwocaPay and you could use funds to plug a cashflow gap. 

What happens if our sign up is not accepted?

In some cases we’re unable to approve a sign up in which case we’ll let you know and you’re welcome to sign up again in 3 months time. 

Who is liable if the Buyer defaults on payment?

The Buyer is liable to repay the cost of their purchase from you. But we won't ask you to reimburse us if the Buyer is late or unable to repay us. 

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